CREF Variable Annuity Accounts

CREF Social Choice  (QCSCRX)

The CREF Social Choice Account seeks a favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria.

Unit value as of 10/30/2014 : $191.6262
Total return year-to-date as of 10/30/2014 : 5.31%
3-month cumulative rate of return as of 09/30/2014 : -0.90%
Expense charge 1, 2 : 0.41%
Net invested assets as of 09/30/2014 : $14.17 billion
Inception date : 03/01/1990
Investment class : Balanced
Performance Comparison
  Performance Data
as of 10/29/2014
Average Annual Total Returns
as of 09/30/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
CREF Social Choice $190.9086 -0.19% 4.92% 9.92% 13.05% 9.89% 6.45% 8.61%
CREF Social Choice Composite Index 3 -- -- 5.45% 10.49% 13.36% 10.10% 6.61% 8.68%

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

The risks that the account is subject to include the risk of socially screened investing, market risk, company risk, small-cap risk, income volatility risk, credit risk, interest-rate risk, prepayment risk, extension risk and foreign investment risks.

1.
We estimate expenses for the year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results.
2.
The Account’s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding.  Please refer to the prospectus for further details.
3.
The account's benchmark is a composite index composed of the Russell 3000® Index the Lehman Brothers Aggregate Bond Index and the MSCI EAFE+Canada. The Russell 3000 Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization, and represents about 98% of the total market capitalization of the publicly traded U.S. equity market. The Lehman Brothers Aggregate Bond Index tracks the performance of the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. These indices are weighted, meaning that the return of a larger security has a greater effect on the index's return than that of a smaller one. The MSCIEAFE® + Canada Index tracks the performance of the leading stocks in 22 MSCI developed countries outside of North America--in Europe, Australasia and the Far East, as well as in Canada. The MSCI EAFE® + Canada Index constructs indices country by country, and then assembles the country indices into regional indices. The MSCI EAFE® + Canada Index is primarily a large-capitalization index, with approximately 65% of its stocks falling in this category. Morgan Stanley determines the composition of the index based on a combination of factors including regional/country exposure, price, trading volume and significant owners, and can change its composition at any time. You cannot invest directly in these indices.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 877 518-9161 for a product and the underlying fund prospectuses that contains this and other information. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, and are not a condition to any banking service or activity and may lose value.

© 2014 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017